Another new year has started, and with it, the common question of ‘what is your New Year’s Resolution?’ Is the whole concept worthwhile?
People set New Year’s resolutions as a way to reflect on the past year, identify areas for personal improvement, and set goals for the upcoming year. The transition to a new year symbolises a fresh start, providing a psychological reset and a sense of optimism.
We know that setting resolutions allows us to define our aspirations, whether related to health, personal development, relationships, or other aspects of their lives. While the tradition of making resolutions is deeply ingrained in lots of cultures, the practice also stems from a desire for self-improvement and a commitment to positive change.
However, the success of these resolutions often depends on factors like realistic goal-setting, sustained motivation, and the implementation of effective strategies for achieving desired outcomes.
Let’s have a look at how Jerry Seinfeld, one of our modern comedy greats created a process to overcome all of those factors, “Don’t Break the Chain”.
“Don’t Break the Chain”
Insights from Jerry Seinfeld for Clever Investors
Jerry Seinfeld, one of the most iconic comedians in the world, achieved fame not only through his wit and humour, but also through a simple, yet effective rule and that rule is so elegantly straightforward, you’ll love it.
To become a better comedian, he aimed to write jokes consistently every single day. He did this by marking a calendar with a red “X” each day he wrote new material.
His objective was simple: ‘Don’t break the chain’ of consecutive days with an “X”. Over time this practice became a powerful motivator for him to continuously work on his craft.
How can we all use ‘Don’t Break the Chain’ for a productive 2024?
Seinfeld’s commitment to this rule helped him write better jokes and as a result, he became more successful. As clever investors, we can draw lots of valuable lessons from Seinfeld into our financial endeavours to reach our own version of success.
- Consistency is Key:
Success in investing often hinges on consistency. Regularly contributing to your investments, be it in shares, property, or other assets, can lead to long-term growth. The “Don’t Break the Chain” rule encourages you, the investor to make consistent efforts in managing and growing a portfolio.
- Daily Improvement:
Just as Seinfeld aimed to write better jokes each day, as investors we can strive for daily improvement. Whether it’s researching investment opportunities, staying informed about market trends, or refining your financial strategies, small, consistent steps can lead to considerable progress.
- Goal Setting:
Seinfeld’s goal was simple but specific: ‘Don’t break the chain’ of writing new material. One of the most difficult tasks investors have, is setting clear, achievable financial goals and tracking progress. This rule encourages regular reflection on your investment objectives and how you can work towards them.
- Visual Motivation:
The big red “X” on Seinfeld’s calendar served as a visual reminder of his commitment. For investors, creating a visual representation of progress, such as a graph showing the growth deposit savings can be a powerful motivator. It will help you stay focused on your long-term financial goals.
By making his progress visible to himself, Seinfeld held himself accountable. We can all do the same by tracking investment activities and results and this in turn will help you stay disciplined and make informed decisions.
- Overcoming Challenges:
I am sure you can understand that there were days when Seinfeld didn’t feel like writing jokes, but the “Don’t break the chain” rule pushed him to overcome those challenges. You, as an investor, will also face obstacles. This rule can inspire resilience and determination to weather the storms and keep moving in the direction you want to be.
- Patience and Endurance:
Success in both comedy and investing takes time. Seinfeld’s rule emphasises the importance of perseverance. It’s not always going to be easy, you’ll need to practice patience and stay committed to your financial objectives. Embrace the fact that it may take years to see big results.
- Building Momentum:
Having a rule is there to assist you in building momentum. As days turn into weeks, months and years, this consistent effort becomes a habit, leading to greater achievements. The same principle then applies to eventually building a successful investment portfolio.
Jerry Seinfeld’s “Don’t break the chain” rule serves as a daily inspiration and practical strategy. Embrace consistency, set clear goals, track progress and stay accountable. You will learn to navigate the complexities and fear of the financial world with determination and focus.
Seinfeld’s commitment to writing better jokes paid off in his career. Your commitment to this rule can lead to a brighter future and greater investment success. Don’t break the chain.